Bart Pieters: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Bart Pieters
Largest movements
- Cash +€58,632
up €58,632 (+19.7%), from €297,332 to €355,964
mainly Net result for the year (+€40,226) and Depreciation (+€18,688)
- Receivables within one year -€5,863
down €5,863 (-29.8%), from €19,651 to €13,788
of which Other amounts receivable: -€8,932
- Reserves +€40,226
up €40,226 (+14.1%), from €285,446 to €325,672
- Trade debts +€7,247
new in 2025: €7,247
- Tax, wage and social debts +€5,879
up €5,879 (+95.8%), from €6,139 to €12,018
- Staff costs -€99,692
no longer reported in 2025 (was €99,692)
- Gross operating margin -€86,752
down €86,752 (-57.5%), from €150,903 to €64,151
- Financial income +€10,120
up €10,120 (+240%), from €4,225 to €14,345
of which Non-recurring financial income: +€6,750
- Provisions +€7,824
up €7,824, from -€7,623 to €202
- Taxes +€6,054
up €6,054 (+49.0%), from €12,368 to €18,422
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €353,230 | €409,894 | +€56,664 | +16.0% |
| Fixed assets | 21/28 | €34,213 | €38,096 | +€3,882 | +11.3% |
| Tangible fixed assets | 22/27 | €34,213 | €38,096 | +€3,882 | +11.3% |
| Land and buildings | 22 | €8,894 | €8,096 | -€798 | -9.0% |
| Plant, machinery and equipment | 23 | €8,776 | €7,492 | -€1,284 | -14.6% |
| Furniture and vehicles | 24 | €16,544 | €22,508 | +€5,965 | +36.1% |
| Current assets | 29/58 | €319,016 | €371,798 | +€52,782 | +16.5% |
| Amounts receivable after more than one year | 29 | €2,034 | €2,047 | +€13 | +0.6% |
| Other amounts receivable | 291 | €2,034 | €2,047 | +€13 | +0.6% |
| Amounts receivable within one year | 40/41 | €19,651 | €13,788 | -€5,863 | -29.8% |
| Trade receivables | 40 | €10,719 | €13,788 | +€3,069 | +28.6% |
| Other amounts receivable | 41 | €8,932 | - | -€8,932 | |
| Cash at bank and in hand | 54/58 | €297,332 | €355,964 | +€58,632 | +19.7% |
| Total equity and liabilities | 10/49 | €353,230 | €409,894 | +€56,664 | +16.0% |
| Equity | 10/15 | €299,706 | €339,932 | +€40,226 | +13.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €285,446 | €325,672 | +€40,226 | +14.1% |
| Distributable reserves | 133 | €285,446 | €325,672 | +€40,226 | +14.1% |
| Provisions and deferred taxes | 16 | €4,746 | €4,947 | +€202 | +4.3% |
| Provisions for liabilities and charges | 160/5 | €4,746 | €4,947 | +€202 | +4.3% |
| Other liabilities and charges | 164/5 | €4,746 | €4,947 | +€202 | +4.3% |
| Amounts payable | 17/49 | €48,778 | €65,015 | +€16,237 | +33.3% |
| Amounts payable after more than one year | 17 | €1,534 | €1,834 | +€300 | +19.6% |
| Other amounts payable | 178/9 | €1,534 | €1,834 | +€300 | +19.6% |
| Amounts payable within one year | 42/48 | €47,244 | €63,181 | +€15,937 | +33.7% |
| Trade debts | 44 | - | €7,247 | +€7,247 | |
| Suppliers | 440/4 | - | €7,247 | +€7,247 | |
| Taxes, remuneration and social security | 45 | €6,139 | €12,018 | +€5,879 | +95.8% |
| Remuneration and social security | 454/9 | €6,139 | €12,018 | +€5,879 | +95.8% |
| Other amounts payable | 47/48 | €41,105 | €43,916 | +€2,810 | +6.8% |
| Remuneration, social security and pensions | 62 | €99,692 | - | -€99,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,820 | €18,688 | +€3,868 | +26.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€7,623 | €202 | +€7,824 | |
| Other operating charges | 640/8 | €657 | €726 | +€69 | +10.5% |
| Gross operating margin | 9900 | €150,903 | €64,151 | -€86,752 | -57.5% |
| Operating profit (loss) | 9901 | €43,356 | €44,535 | +€1,179 | +2.7% |
| Financial income | 75/76B | €4,225 | €14,345 | +€10,120 | +240% |
| Recurring financial income | 75 | €4,225 | €7,595 | +€3,370 | +79.8% |
| Non-recurring financial income | 76B | - | €6,750 | +€6,750 | |
| Financial charges | 65/66B | €214 | €233 | +€19 | +8.8% |
| Recurring financial charges | 65 | €214 | €233 | +€19 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €47,368 | €58,648 | +€11,280 | +23.8% |
| Income taxes | 67/77 | €12,368 | €18,422 | +€6,054 | +49.0% |
| Profit (loss) for the period | 9904 | €35,000 | €40,226 | +€5,226 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,000 | €40,226 | +€5,226 | +14.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.